Almost six in 10 (59%) British workers feel unhappy, dissatisfied, highly dissatisfied or neutral with their benefits packages, according to new research.
Conducted by global talent services firm Morgan McKinley as part of its 2024 Salary guide, the survey found that the top five desired benefits respondents look for in a job are working from home, bonus, pension, health insurance and flexible working hours.
Half (51%) said they plan to actively look for new jobs in the next six months, with 42% citing a higher salary the most valued reason for wanting to move jobs and 13% wanting meaningful and impactful work. As many as 49% are optimistic that they will receive a salary increase in 2024, and 70% of employers plan to increase salary offers in 2024 for certain in-demand roles.
More than half (52%) of employers plan to hire in the next six months, with 86% finding hiring quite or very competitive in 2023. Around 46% lost out on hiring new talent in the last six months as they cannot compete on salary and benefits, and 40% expect lack of skilled candidates available to be their greatest 2024 recruitment challenge.
David Leithead, chief operations officer of Morgan McKinley UK, said: “The pressure to find new talent has remained, as employers look to drive ahead with change agendas, satisfy new regulatory and legal regimes, maximise commercial opportunities, and respond to turnover. Many employers offered inflated salaries to secure talent throughout 2021 and 2022, so it’s unsurprising that salary offers have largely normalised, with fewer opportunities available.
“No matter the macro climate, it remains true always that the right talent that can drive progress. Improvement will remain in demand and employers will pay well to secure them. They should take steps to keep people engaged, supported and happy; offering benefits that are meaningful to the individual’s specific situation will help here. Benefits around wellbeing and flexibility remain top of the pile.”